R&D Tax Credits for your work in the space sector, could be the rocket you need to launch your business into the infinite world of innovation!
It is often said that to claim R&D Tax Credits ‘you don’t need to be making the very latest in space technology to be eligible.’ But what if you are making the very latest in space technology? Can you claim? The answer to that question is most likely – yes!
HMRC define R&D as “activities that seek to:
- Achieve an advance in overall knowledge or capability in the field of science or technology
- Resolve scientific or technical uncertainty”
We know that all sounds very ‘jargon-y’, so in the simplest terms, what types of R&D activities in the space industry could be considered eligible?
- Feasibility studies
- Improving existing products through technical changes
- Resolving technical problems with products and/or manufacturing processes
- Developing new tools, products and services
- Developing new materials/composites
- Testing of new material in an existing design
- Developing new testing methods
Think about your current business activities, are you doing any of these things? If you are, is your business currently making an R&D Tax Credit claim?
Even businesses that are conducting grant funded research and development work can be eligible to claim through the RDEC scheme.
When thinking about if your activities are considered R&D from a HMRC perspective, it is crucial you are being advised by an expert – someone who understands your business and technology in order to give you open and honest advice, such as our consultants at TBAT.
If you are already claiming R&D Tax Credits, whether that be through your accountant or through another consultancy, we can review your previous years’ claims to ensure they have been maximised.
Get in touch with us for a FREE consultation with one of our experts to discuss your R&D Tax Credit claim!